Publishing its Q1 trading update (period ending 31 March), Oslo-listed online gambling firm Gaming Innovation Group (GIG) has detailed confidence in hitting its full-year targets following a strong opening to 2018.
Driven by strong organic growth across its online gambling brands, GIG reports period group revenues of €37 million up 62% on corresponding Q1 2017’s €23 million.
Updating the market, GIG details a strong product revenue mix, between its B2C (€21 million) and B2B (€15.3 million) verticals, as governance declares a period EBITDA of €4.3 million (Q1 2017: – €400,000).
“I am very pleased to present yet another strong quarter for GiG. Our 12 months rolling revenues have reached €134m and an EBITDA of €17.2m. The similar figures last year were €69m and €5.5m. It comes on the back of a 62% annual revenue growth, which makes Q1 2018 one of our strongest quarters ever, only beaten by the remarkably strong Q4 of 2017.” detailed Gaming Innovation Group Chief Executive Robin Reed.
Reed and GIG governance detail strong corporate progress and the development of assets despite the company facing regulatory constraints within its Dutch market during the Q1 period.
Further to the update, GIG reveals that it will now move to expand its presence within sports betting, launching its new ‘GIG Sports’ solution this May, ahead of World Cup Russia 2018.
During Q1 2018, GIG obtained a German sports betting licence, completing its €500,000 acquisition of Nordbet limited.
“We are preparing to launch our full suite of enterprise software for Sports betting after nearly 30 months of development, on Rizk.Com, ahead of the FIFA World Cup 2018. GiG Sports will see our company achieving full control of the sports betting value chain through proprietary products. It is built on the most modern tech architecture and pave the way for upgrades to scalability, performance and cost control in which we can achieve across our entire technological architecture” Reed added.
Closing its Q1 trading update, GIG governance announced that it has started the ‘process towards a possible listing on the larger NASDAQ Stockholm’, potentially opening its enterprise to a wider investment pool.